CESC Technical Analysis: Buy | Target Rs 760 | Arijit Banerjee

Buy Range726 – 737
Target760 – 765
Duration12 – 15 Trading Days
Potential Return^4 – 5%
CP#IdeaBuy RangeTargetStopLoss*DurationPotential Return^
743.3BUY726 – 737760 – 76570812 – 15 Trading Days4 – 5%

# CP – closing price on Dec 17, 2019
* Maintain recommended StopLoss by daily closing basis.
   Once 1st target hit, reset StopLoss at 746.
^ The returns are calculated based on median price of the Buying Range.


CESC Ltd is an integrated power utility company engages in the generation, transmission and distribution of electricity to the domestic, industrial and commercial users in the area of Kolkata, Howrah and West Bengal in India. The company also owns and operates a solar plant in Gujrat, hydro power in Arunachal Pradesh and wind power at Rajasthan. In Q2FY20 the company’s net income was improved by 1.83% to Rs.3,010 crore and Net Profit jumped by 7.07% YOY to Rs.333 crore.

Stock Data
Sectoral IndexNifty Infra
52W High851.7
52W Low642.6
Face Value10
Relative Performance_CESC vs Nifty Infra Index


  • As the Weekly chart shows, the stock has been moving in an Upward rising channel trend since 2012. 
  • There is a steady support baseline which is moving upwards along with price rise. The support had been tested multiple times in the earlier.
  • Based on the historical price pattern, we may expect price to move higher from here.
CESC Technical Analysis - Weekly Chart
CESC Technical Analysis - Weekly Chart


  • The daily chart indicates that after a month downtrend (since Nov 2019), the stock has given a breakout of the trend line suggests positive sign.
  • There is a bullish engulfing candlestick formation on the past two days. Usually, this type of candlestick suggests the bull has taken control of a security’s price movement from bears.
  • The Ultimate oscillator is showing a positive crossover at the 50 level, which points out for a positive breath in the stock.
CESC Technical Analysis - Daily Chart
CESC Technical Analysis - Daily Chart


Based on our positional stock trading idea, CESC share price target will be 760 – 765 in the next few days.


Position: Long CESC at ₹ 735.80 | Goodluck Capital by GoodluckCapital on TradingView.com

Position: Long CESC at ₹ 735.80 | Goodluck Capital by GoodluckCapital on TradingView.com

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1)  It’s advisable not to enter/exit beyond the recommended range.
2)  Strictly follow the StopLoss as mentioned. Honour it.
3)  Use trailing StopLoss to retain profits.
4)  Diversify trading capital into our other technical recommendations.
5)  Risk only the money what you can afford to lose. Hedge accordingly.


The research analysis is prepared by Arijit Banerjee, CMT, CFTe. He is a veteran trader and an active investor having in-depth knowledge in financial market research, advanced technical analysis, market cycle, algorithmic trading and portfolio management. Arijit is a Chartered Market Technician (CMT) accredited by CMT Association USA, the leading global authority of Technical Analysis and has been honoured by Certified Financial Technician (CFTe) from the International Federation of Technical Analysts, USA. SEBI, the regulatory body of Indian financial market also recognizes him as a Research Analyst (INH300006582).


The views expressed herein are based solely on information available publicly/internal data/other sources believed to be reliable, but is not necessarily all-inclusive and is not guaranteed as to accuracy. The recommendations provided herein is solely for informational purposes and are not intended to be and must not be taken alone as the basis for an investment/trading decision. Trading and investing are subject to market risk and the securities discussed and opinions expressed herein may not be suitable for all investors. To read the full disclosure, please click here.

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